What the current retirement age means for your benefits
Your full retirement age — the age at which Social Security pays you 100 percent of your benefit — depends on the year you were born. If you were born in 1943 or earlier, your full retirement age is 65. If you were born between 1943 and 1954, it increases by two months for each year of birth, reaching 66. If you were born between 1955 and 1959, it continues to increase by two months per year. If you were born in 1960 or later, your full retirement age is 67.
You can start taking Social Security as early as age 62, but your monthly payment will be permanently reduced — typically by 25 to 30 percent if you claim at 62 instead of your full retirement age. You can also delay claiming past your full retirement age until age 70, which increases your monthly payment by about 8 percent for each year you wait. The choice between claiming early, at full retirement age, or late is permanent and affects how much you receive for the rest of your life.
Key Takeaways
- Your full retirement age is between 65 and 67 depending on your birth year, and Social Security pays your full benefit amount only if you claim at that age.
- Claiming at 62 reduces your monthly payment by roughly 25 to 30 percent, and that reduction stays in place for life.
- Delaying your claim until 70 increases your monthly payment by about 8 percent per year, which can result in significantly higher lifetime payments if you live into your 80s.
- You must contact Social Security directly to claim benefits; the agency does not automatically enroll you when you reach retirement age.
How your birth year determines your full retirement age
Social Security gradually raised the full retirement age starting in 2000 because people are living longer. The table below shows the exact full retirement age for each birth year:
| Birth Year | Full Retirement Age |
|---|---|
| 1943 or earlier | 65 |
| 1943–1954 | 66 |
| 1955 | 66 and 2 months |
| 1956 | 66 and 4 months |
| 1957 | 66 and 6 months |
| 1958 | 66 and 8 months |
| 1959 | 66 and 10 months |
| 1960 or later | 67 |
If you were born on January 1, use the previous year's age. Social Security uses your birth year, not your current age, to determine your full retirement age. You can find your exact full retirement age on your Social Security statement, which you can view online at ssa.gov if you create a my Social Security account.
What happens if you claim before your full retirement age
You can start receiving Social Security at 62, but your benefit will be permanently lower. The reduction depends on how many months before your full retirement age you claim. If your full retirement age is 67 and you claim at 62, you receive about 70 percent of your full benefit amount. If you claim at 65, you receive about 86 percent. These percentages do not change later — if you claim early, you will receive the reduced amount for the rest of your life, even after you reach your full retirement age.
Claiming early makes sense if you need the money now, expect a shorter lifespan due to health issues, or have other income sources. It does not make sense if you are in good health, expect to live into your 80s, or have no immediate financial need. The break-even point is usually around age 80 — if you live past that, you will have received more total money by waiting to claim.
What happens if you delay claiming past your full retirement age
For each year you delay claiming past your full retirement age, your monthly benefit increases by about 8 percent, up until age 70. If your full retirement age is 67 and you wait until 70, your monthly payment will be about 24 percent higher than it would be at 67. After age 70, your benefit no longer increases, so there is no financial reason to delay past 70.
Delaying works best if you are in good health, have other income to live on, and expect to live well into your 80s or 90s. It also protects your spouse or surviving family members — if you die, they may receive a higher survivor benefit based on your delayed benefit amount. However, if you need the money now or have health concerns, claiming at your full retirement age or earlier may be the right choice.
How to claim Social Security benefits
You must contact Social Security to claim benefits; the agency does not automatically enroll you. You can apply online at ssa.gov, by phone at 1-800-772-1213, or in person at your local Social Security office. Online applications typically take 15 to 20 minutes. Phone lines are usually less busy early in the morning or on weekdays.
When you apply, you will need your Social Security number, birth certificate, proof of citizenship or legal residency, and a bank account number if you want direct deposit. Social Security will review your earnings record to calculate your benefit amount. Processing typically takes two to four weeks. You will receive a notice in the mail confirming your benefit amount and your first payment date.
Earnings limits if you claim before your full retirement age
If you claim Social Security before your full retirement age and continue working, Social Security will reduce your benefit by $1 for every $2 you earn above a certain limit. For 2024, that limit is $23,400 per year. In the year you reach your full retirement age, the limit is higher ($62,160), and the reduction applies only to earnings before the month you reach full retirement age.
Once you reach your full retirement age, you can earn as much as you want with no reduction to your benefit. This rule applies only to earned income from work — it does not apply to investment income, pensions, or other sources. If you are close to your full retirement age and still working, you may want to delay claiming until you reach that age to avoid the earnings reduction.
Frequently Asked Questions
Can I change my mind after I start claiming Social Security?
You can withdraw your claim within 12 months of starting benefits, but you must repay all the money you received. After 12 months, you cannot withdraw. You can suspend your benefits at your full retirement age to let them grow, but this is rarely done now because the rules changed in 2015.
What if I worked outside the United States?
Social Security counts only earnings from U.S. employment toward your benefit. If you worked in another country, contact Social Security to see if a totalization agreement between the U.S. and that country allows you to combine your work records.
Does my spouse get benefits based on my record?
Your spouse may be able to receive up to 50 percent of your full retirement age benefit amount if they are at least 62 years old and married to you for at least one year. Your ex-spouse may also be may have access to to benefits on your record under certain conditions. Contact Social Security for details about your specific situation.
What happens to my benefits if I die?
Your surviving spouse, children under 19 (or 23 if in school), and dependent parents may receive survivor benefits based on your earnings record. The total amount paid to your family is limited to about 150 to 180 percent of your full benefit amount.
Will Social Security be there when I retire?
Social Security's trust fund is projected to be depleted around 2034 based on current law. After that date, incoming payroll taxes would cover about 80 percent of scheduled benefits. Congress may change the law before then, but no changes are certain. Plan based on current rules and adjust if Congress acts.